FX.co ★ Gold analysis for February 13, 2017

Recently, gold has been trading upwards. As I expected, the price tested the level of $1,237.14. According to the 30M time frame, I found head and shoulders formation (bearish), which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The first target is set at the price of $1,223.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,233.50

R2: 1,234.75

R3: 1,236.40

Support levels:

S1: 1,230.50

S2: 1,229.45

S3: 1,227.60

Trading recommendations for today: watch for potential selling opportunities.